FCPO
FCPO 3rd Month Futures (PM) - 10 Jan 2025
Fri, 10-Jan-2025 02:20 pm
by Dealing Team • Apex Futures

FCPO
Pivot
4321
Resistance
4352 / 4376 / 4401 / 4423
Support
4321 / 4300 / 4277 / 4254
Possible Range
4320 to 4420
Strategy
Long positions may be opened above 4352 with targets 4376/4401 at stop-loss at 4332
Short positions may be opened below 4352 with targets at 4321/4300 stop-loss at 4372

FCPO Mar month rose 45 points or 1.05% to closed higher at 4341 on midday session. Malaysian crude palm oil futures opened higher on Friday, supported by gains in Dalian and Chicago edible oils, but remained on track for a second straight weekly decline.

In daily chart, the pattern remains trading in bearish momentum. In hourly chart, the palm price trading in sideway consolidation, with the price trading below the middle of the range at 4355 to 4360, however supported above the crucial range 4280 to 4285. There is potentially for further upside if the price could break above the middle range, likely toward 4400 to 4405 range. If the price fail to break, we might see the palm price to trading lower. The immediate support and resistance levels are identified at 4321 and 4352, respectively. 

(News Source: Reuters)

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Market Mover
Settlement Rates
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USD 3.952219 3.979032
EUR 4.632284 4.636049
CNY 0.579684 0.580150
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